Rubin to step down at Citibank

Citigroup Inc. said former Treasury Secretary Robert Rubin would step down as chairman of the board's executive committee but remain senior counselor at the biggest U.S. bank.

Rubin, who turns 70 this week, will remain a director, Citigroup said Monday on its website. The New York company eliminated the executive committee and shifted its responsibilities to the nominating and governance committee led by Richard Parsons, chairman of Time Warner Inc.

Rubin was hired as chairman of the executive committee in 1999 after he left the Clinton administration.